Downtown revitalization on tap with Oakland’s new tax increment finance district

Courtesy / Central Maine Growth Council The district encompasses 37.27 acres and was recently approved by the Maine Department of Economic and Community Development.

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By Laurie Schreiber

The creation of a new 30-year tax increment finance district aims to allow the town of Oakland to stimulate investment, encourage business expansion and retention, attract new businesses, and boost beautification initiatives.

The district encompasses 37.27 acres and was recently approved by the Maine Department of Economic and Community Development.

“This newly created TIF district will make a lasting impact in the town of Oakland by making the downtown more investable, safer, more pedestrian-friendly and directly aligns with the town’s vision of supporting business development and retention,” said Oakland Town Manager Ella Bowman.

The goal is to use funding realized from the district to support infrastructure, business growth, facade improvements, marketing the downtown, expanding and improving area trail connections and more. Funding will also be leveraged to secure additional investment and incentivize business recruitment and retention in the district.

“Oakland is driving impact and support for residents, businesses and remote rural workers through this project, incentivizing investment, cultivating new business attraction, and ultimately contributing to the overall economic well-being of the town and region," said Garvan Donegan, Central Maine Growth Council's director of planning, innovation and economic development. “This newly approved TIF district will create the necessary conditions to support economic development along Main Street and downtown revitalization in the town of Oakland as a whole.”